MANILA, Philippines (Xinhua) – SM Prime Holdings, Inc. (SM Prime), the country’s biggest shopping mall developer and operator, posted a consolidated net income
of P5.1 billion ($108 million), up 8 percent on year, in the first nine months of the year.
In a disclosure submitted today to the Philippine Stock Exchange, SM officials said revenues grew by 14 percent to P14.6 billion ($308 million) in January to September period, as consumer spending continues to grow despite the global recession.
'SM Prime performed up to par and realized its objectives for the period, notwithstanding earlier fears arising from the impact of the global recession,' SM Prime President Hans Sy said in a press statement.
From January to September of 2009, rental fees, which grew 15 percent to P12.7 billion pesos ($268 million), accounted for the largest share of SM Prime's consolidated revenues. Cinema ticket sales, which grew by 8 percent to P1.4 billion ($30 million) helped boost revenues.
SM Prime's international operations — which include three shopping malls in southern China — also contributed to revenue growth. The SM malls in China contributed 5 percent to total revenues and 2 percent to net income.